Russia regards its Arctic oil and gas development in the same way that the U.S. saw its shale oil and gas sector around 20 years ago, which is a truly game-changing opportunity to alter the balance of power in the world’s hydrocarbons markets. The Vostok Oil project, run by state oil giant Rosneft, is the cornerstone of these Arctic ambitions, combining the exploration and development of several huge oil and gas fields. Rosneft is now in talks with various groups of investors on taking part in the Vostok Oil project and whichever groups succeed in securing an interest will say much about the geopolitical balance in the oil and gas industry in the coming years. In broad terms, the Vostok Oil project will unite the largest deposits in the north of Krasnoyarsk Territory, including the supergiant oil and gas fields of the Vankor cluster (Vankorskoye, Suzunskoye, Lodochnoye, Tagulskoye, Ichemminskoye), […]